Only one in four troubled borrowers have qualified for permanent loan workouts from the Department of the Treasury’s Home Affordable Modification Program. That translates to just 680,0000 of 2.7 million who applied and were initially accepted by the program, which has been criticized—and now targeted for termination—for its failure. Neil Barofsky, HAMP’s departing special inspector general, has said the program was launched without adequate analysis and only partly developed guidelines.
